Pre-budget parleys acknowledge new age players’ role in boosting industry funding and providing impetus to Kerala economy.
When the Left Democratic Front (LDF) in Kerala, led by the CPI(M), prepares to present its first budget after the party won a second consecutive term in the state, it would the new age businesses the Finance Minister would be looking at more closely.
Kerala’s Finance Minister K N Balagopal himself dropped hints to this effect when he kicked off pre-budget parleys with startup entrepreneurs and angel investors. The Kerala is scheduled for next week.
This move is seen as emphasizing the critical role of nascent firms in boosting funding of the state’s industry and giving an impetus to its overall economy.
The Finance Minister had, while speaking at an initiative of the Kerala Startup Mission (KSUM) last week, said the state’s startup ecosystem would play a major role in bolstering future investments.
“Kerala needs to develop an investment culture by creating awareness among the high networth (HNI) individuals about the potential of the ecosystem,” he had stated.
Pre-budget talks with top investors, startup founders
He has now followed it up by initiating pre-budget talks with top investors. Discussions have begun with tech professionals such as Infosys co-founder Kris Gopalakrishnan, Quatrro CMD Raman Roy, Indian Angel Network (IAN) Co-founder Padmaja Ruparel, angel investor Ravindranath Kamath, Terumo Penpol Chairman, Independent Director C. Balagopal and Eastern Condiments Chairman Navas Meeran, besides representatives of Unicorn Ventures, Speciale Invest Funds and Artha Ventures.
The investors have made it known to the minister that they are looking forward with great hope towards investment opportunities in the state. They also made a strong case for providing incentives to startup entrepreneurs in order to bring in more industrial funding to the state.
Challenges and issues faced by startups discussed
Balagopal held talks with a few select startup founders. India last year saw an investment inflow of 40 million dollars into its startups. Kerala must make best use of this industrial climate to ensure more funds to the state’s startups, the startup founders told the minister. They also briefed him about the challenges and issues facing the startups in the state.
The startup entrepreneurs reiterated their enthusiasm over the minister’s announcement about a big role awaiting them in future investments in Kerala.